Does Bankruptcy Sound Scary to You?
A common myth about bankruptcy is that everyone will find out. Not true, really the only ones that end up knowing are you and your creditors. You don’t just lose everything you have. You will be creditworthy again. You cannot pick and choose your debts to file – all debts must be listed.
Does Bankruptcy Sound Scary to You? | Eventually, everyone reaches the crossroads and hopes that everything will just work out in the end…when it all becomes too much…when we hope for the chance to just start over…when we just need a break to feel happy again…without the burden of all of those debts. You are not the only one. Maybe you can find a solution to these problems by considering filing for bankruptcy. |
How do I stop collection agencies? | Once you’ve filed a case with our office, those phone calls stop completely! It is illegal for them to contact you any further after filing. They cannot continue collection efforts, and if they want any information, they have to contact us. What that means for you is an end to those nasty collection calls, no more harassing you at work, and the relief of knowing that when you pick up your phone or read your mail, you will not be insulted by those bill collectors. |
Can bankruptcy save me from PayDay loans? | There really is only one way to rid yourself of pay day loans. A bankruptcy filing can quickly and completely break you free from those pay day loans. |
Can bankruptcy help with lawsuits? | If you get sued because you have too many debts to pay off, please remember that there may be an option for you. Please don’t give up and stop reading your mail or ignore court papers that you may get served. Your situation may not be as helpless as you might believe. We can inform you of your rights and how the laws work. At the very least, you can start to understand what answers there are out there for you. |
Can bankruptcy stop repossessions? | We can help you keep your car, but we can also help you get rid of it, too. It is possible with a bankruptcy filing, to return a car that is just too much of a financial burden on you without being held responsible for the remaining debt. You can give it right back to the creditor without fear of paying back the difference. If you own a car that the payments are just too high, or you owe more than what the car is worth, or perhaps it’s a car that was meant to supplement your first vehicle, but you just cannot afford your payments, please be aware that you have options with our office that can free you of those burdens. |
Is Foreclosure a Real Concern for You? | Foreclosure proceedings begin when you fall too far behind on your mortgage payments. The main thing we would like to know when someone wants to save their house is whether or not they would be able to afford to make their payments if they were completely up-to-date. If so, a Chapter 13 bankruptcy could help you save your home and keep you from having to find a new place to live. |
Can bankruptcy stop tax garnishments? | You can stop tax garnishments by filing for bankruptcy. Even if you owe the IRS, those garnishments stop. Unfortunately, most of these debts cannot be wiped away, but a bankruptcy filing can allow you to pay back what you owe on your own terms. You will not be forced to provide a certain portion of your paycheck to these debts, allowing you to pay your expenses how you see fit. |
How will bankruptcy affect my credit? | Bankruptcy does not prevent you from being able to ever borrow again. It is true that in some cases, it may be difficult to open a new loan, but it does not prevent you from being considered. Let’s use buying a new car as an example. If you file a Chapter 7 bankruptcy, you can essentially get rid of all of your previous debt. A car dealer then knows that aside from living expenses, you have freed yourself of many other expenses which then means you have freed up extra money that allows you to afford a new car. |
What Can Bankruptcy Do for My Student Loans? | Unfortunately, filing for bankruptcy does not get rid of your student loans. The United States Code establishes that student loans are not dischargeable unless the loans “impose an undue hardship” on you. We can, however, stop your lenders from garnishing your wages for student loans. A Chapter 13 Bankruptcy gives you the opportunity to avoid automatic payments from your paycheck. |
Can bankruptcy help with judgements? | It is a mistake to ignore your mail because you’re afraid there is nothing you can do. You could be receiving the very paperwork that would allow you to protect your property by using the laws to claim exemptions. You may even give your creditors the right to repossess your property by not claiming these exemptions. Sometimes judgments result in a lien against your home as if it were another mortgage, when there was a solution to that problem from the very beginning. |
Will Chapter 13 Bankruptcy save my home? | Bankruptcy works. Even if you are thousands of dollars behind on your payments, the Chapter 13 allows you to spread out the amount that you are behind over five years. This means that you only end up paying a very small percentage of that total every month and as far as your lender is concerned, the loan becomes current once again. |
Will I lose my possessions? | Every state has their own rules about bankruptcy and exemptions, but the bottom line is that everyone is allowed a certain amount of exemptions to protect their property during bankruptcy. This means that you don’t just lose everything you have. There are some situations where perhaps you own more than we can protect with the allowed exemptions. For cases like these, we usually recommend filing a Chapter 13, but, again, no one takes away your property. |
Does my spouse also have to file for bankruptcy? | It is not mandatory for married couples to file together. In most cases, it makes more sense for a married couple to file together as it is the same price to file as a couple as it is to file as an individual, and it ensures that all debts are included in the case. It is possible to file without one’s spouse, however. The term used in bankruptcies for this is non-filing spouse. |
Can I file bankruptcy a second time? | You can file a Chapter 7 eight years after the previous filing. The restrictions for filing a Chapter 13 are even more relaxed than they are for the Chapter 7. Of course, we hope that you don’t have to file more than once, but it is an option if you need to. |